State Bank of India Approves four per cent Stake Divestment from Insurance Arm Kotak Mahindra Capital Company Limited acted as the financial advisor for the transaction. (Photo: PRAKASH SINGH/AFP/Getty Images).
Radhakrishna N S
India’s top lender, State bank of India (SBI) said on Wednesday (26) that its board has sanctioned a plan to sell four per cent share in its general insurance branch to the funds managed by India’s Axis Bank Ltd and Premji Invest. According to a statement, SBI will divest 8.6 million shares in SBI General Insurance Company Ltd (SBI GI) for £50.46 million to Axis New Opportunities AIF-I and PI Opportunities Fund-I. Axis New Opportunities AIF – I represented through its investment manager Axis AMC Ltd. and PI Opportunities Fund-I, an AIF of Premji Invest, will purchase 1.65 per cent and 2.35 per cent stake respectively from SBI. The proposed…
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